Changes to the Kiwibank Credit Card terms and conditions
We’re making some changes to the Kiwibank Credit Card terms and conditions (PDF 122.6 KB). The changes will be effective from 6 May 2019 and include:
- Being clearer as to the distinction between primary cardholders, joint cardholders and additional cardholders
- Being clearer as to what we may do where there is a dispute between cardholders (and what we may consider to be a “dispute”)
- Providing detail as to when and how your card may be transferred to a different card type (including where you ask us to transfer you to a different card type)
- Adding in details about the current minimum payment requirements.
Changes to our other accounts and services
Changes to the Kiwi Wealth KiwiSaver Scheme
Kiwi Wealth is making some changes to the investment funds in its KiwiSaver scheme. These changes will affect fees and the structure of asset allocations in its Conservative and Growth investment funds. The CashPlus investment fund will also be closed to new members.
The changes to fees and the closure of the CashPlus fund will be effective from 1 April 2019 and the asset allocation restructure will take place on or around 30 April 2019.
Government changes
The Government is also introducing a number of changes to KiwiSaver this year, which will be rolled out in two phases. The first phase is intended to come into effect from 1 April 2019 and includes:
- Introducing two new employee contribution rates, 6% and 10%, which will be available in addition to the existing rates of 3%, 4% and 8%
- The member tax credit will be renamed Government contributions
- Contributions holiday will become known as savings suspension
- The maximum savings suspension period will be reduced from five years to one year.
Visit the Kiwi Wealth website to find out more.
Overdraft fees
We've removed some of our overdraft fees, effective from 1 February 2019. Download the new Personal banking fees and limits brochure (PDF 142.2 KB). The changes have been summarised below.
| Fee type | Old fee | New fee |
|---|---|---|
| Application fee | $15 | $0 |
| Overdraft monthly fee | $5 per month | $0 |
| Over limit fee | $10 per month | $0 |
Foreign cheques over the value of NZ$500
We’ve made changes to the way we handle foreign cheques, effective from 29 March 2019. If your foreign cheque is over the value of NZ$500, it can take up to four to six weeks (or longer in some cases) for us to process. We’ll only accept foreign cheques under the value of NZ$500 on a case by case basis at our discretion.
Download a copy of the new General Terms and Conditions (PDF 180.3 KB) effective from 29 March 2019.
Home loan fees and terms and conditions
We've made changes to some of our home loan fees and our home loan terms and conditions. These changes are effective from 17 December 2018. Download an updated copy of our Personal Banking fees and limits brochure (PDF 142.2 KB) and our home loan terms and conditions (PDF 163.0 KB). The changes have been summarised below.
Changes to home loan terms and conditions
Effective 17 December 2018 we've updated our home loan terms and conditions to reflect the removal of the Low Equity fee. See Section 16, "What Fees and Costs Do You Pay?". Download the home loan terms and conditions (PDF 163.0 KB) effective 17 December 2018.
Home loan fees removed
| Fee type | Old fee | New fee |
|---|---|---|
| Application fee | $250 | Removed |
| Demand fee – Insurer premiums | $50 | Removed |
| Discharge of security fee – urgent | $50 | Removed |
| Low Equity fee | Varies depending on LVR | Removed |
Home loan fees reduced
| Fee type | Old fee | New fee |
|---|---|---|
| Demand fee - Default | $50 | $12 |
| Demand fee - Rates | $50 | $12 |
| Discharge of security fee | $75 | $30 – full discharge* $70 – partial discharge* |
| Loan restructure fee | $175 | $30 – simple request* $135 – complex request* |
| Settlement Statement fee | $45 | $15 |
| Top Up fee | $200 | $185 |
* Full descriptions of when each fee is applicable can be found in the updated Personal Banking fees and limits brochure (PDF 142.2 KB).
Previous public notices can be found on our archived public notices.